London Top European City for UHNWIs
London is the European city with the highest number of ultra-high net worth individuals, says a study by international private wealth network Wealth-X. According to the research, 5,955 individuals with a net worth of more than $30 million (€22.4 million) live in London, equivalent to more than 50% of the UK’s 10,450 ultra-rich individuals.
Paris is the second most popular city in Europe with affluent people, the study also found. The Ville Lumiere is home to 2,820 ultra-wealthy individuals, less than half of London.
The research also found that UHNW individuals are more dispersed throughout Switzerland and Germany than they are in the UK and France.
Germany, for example, is home to 15,925 UHNWs, the largest population of very wealthy in Europe and over 50% more than the UK.
However, “London hosts more UHNW individuals than Munich, Dusseldorf, Hamburg and Frankfurt combined”, said Mykolas Rambus, chief executive of Wealth-X, adding that this is because of the UK capital’s “favourable environment for the ultra affluent including those who are non-domiciled’’.
Four out of the 10 cities on the list are German: Munich, with 1,450 UHNW individuals, Dusseldorf, 1,355, Hamburg, 1,310, and Frankfurt, 1,100.
Switzerland also features strongly – Zurich ranks third with 1,775 ultra-rich people, while Geneva is ranked fifth with an ultra-wealthy population of 1,355 individuals.
Rome and Madrid conclude the top 10 with 1,140 and 1,060 UHNW individuals respectively.
[Source: Family Office]
The ten cities with the largest UHNW population in Europe are:
1. London, UK (5,955)
2. Paris, France (2,820)
3. Zurich, Switzerland (1,775)
4. Munich, Germany (1,450)
5. Geneva, Switzerland (1,355)
6. Dusseldorf, Germany (1,355)
7. Hamburg, Germany (1,310)
8. Rome, Italy (1,140)
9. Frankfurt, Germany (1,100)
10. Madrid, Spain (1,060)
Categories: High Net Worth Individuals